NatWest Group has announced a £2.7 billion ($3.6 billion) acquisition of UK wealth manager Evelyn Partners from private equity firms Permira and Warburg Pincus-advised funds. The NatWest Evelyn Partners acquisition will create a combined wealth management business overseeing £127 billion in assets under management and administration, significantly expanding the banking group’s presence in the UK wealth sector.
The transaction is scheduled to complete in summer 2026, subject to regulatory approvals, according to NatWest. The bank confirmed it will fund the deal using existing resources rather than seeking external financing.
Strategic Expansion in Wealth Management
Evelyn Partners currently manages £69 billion in client assets and provides financial planning, discretionary investment management, and operates the consumer platform BestInvest. Permira originally invested in BestInvest in 2014, while Warburg Pincus joined as a minority investor in 2020.
The deal represents a significant strategic move for NatWest’s wealth management ambitions. According to the bank, the acquisition is expected to increase fee income by approximately 20% before revenue synergies are realized. Additionally, the private banking and wealth management segment will account for roughly one-fifth of the group’s total customer assets and liabilities following completion.
Leadership and Operational Integration
Emma Crystal, chief executive of NatWest’s Private Banking and Wealth Management division, will lead the merged entity. The combined business aims to leverage the strengths of both organizations to serve a broader client base across the United Kingdom.
NatWest Group CEO Paul Thwaite emphasized the strategic rationale behind the acquisition. “Bringing together these two leading businesses creates a unique opportunity to provide financial planning, savings and investment services to more families and people across the UK,” Thwaite said. He added that the bank looks forward to welcoming new clients and working with Evelyn Partners colleagues to transform services for its 20 million customers.
Financial Projections and Cost Synergies
The NatWest Evelyn Partners acquisition is anticipated to generate £100 million in annual run-rate cost synergies, equivalent to approximately 10% of the combined unit’s cost base. However, one-time costs to achieve these savings are estimated at £150 million, according to the bank.
NatWest expects the transaction will be accretive to growth and return on tangible equity within the first year after completion. Meanwhile, the bank projects the deal will reduce its CET1 capital ratio by about 130 basis points, representing a modest impact on its regulatory capital position.
Industry Context and Recent Developments
The acquisition reflects ongoing consolidation in the UK wealth management sector as larger financial institutions seek scale and diversification. Paul Geddes, who became chief executive of Evelyn Partners in 2023, expressed enthusiasm about joining NatWest Group. “We both have a long-standing history as highly regarded wealth managers with a client-centric culture,” Geddes stated.
In contrast to its expansion in core wealth management, Evelyn Partners recently streamlined its operations. Last year, the firm completed the sale of its fund solutions business, managed by Evelyn Partners Fund Solutions, to Thesis Holdings.
The transaction awaits approval from UK financial regulators before the anticipated summer 2026 completion date. Authorities have not yet publicly commented on the timeline for their review of the proposed NatWest Evelyn Partners acquisition.
